I turned off the camera via the iOS app. My assumption is that it turns everything off except the part where it listens to a command to turn it back on. I’m also assuming this won’t consume the same power when it is turned on but when I touch the cam a few minutes after, it’s still warm to the touch.

When you turn the camera off from the Wyze app that will make the camera not actively update video footage to the cloud but the camera is still “on” while it waits for the “on” command line to be sent for it to activate again. If you are looking to not have any power consumption I recommend that you unplug the camera from the power outlet.